IPO market in ‘week of zombies’

Pickings are slim as summer lull descends

SteveGelsi

NEW YORK (CBS.MW) -- The pickings are slim this week in the initial public offering market, but there’ll be plenty of action following the traditional summer lull.

Only four deals are expected this week. They’re new issues from O2 Micro, Ista Pharmaceuticals, Lipman Electronic Engineering and ServiceWare Technologies.

Most of them are on day-to-day status, meaning they may or may not debut this week.

David Menlow of IPOfinancial.com said he has no pick of the week this week, partly because the calendar is so thin.

Renaissance Capital, which runs an IPO fund (IPOSX), tapped O2 Micro as its top selection.

Irv DeGraw of WorldFinanceNet.com declined to make a pick among the meager crop and said it’s a “week of the zombies.”

Meanwhile, a July 25 IPO from Blue Martini (BLUE) got a lift Monday on analyst ratings from Goldman Sachs and others. See full story.

IPOs galore

Despite the slow schedule, there’s plenty of action awaiting the IPO market in the fall.

A total of 279 IPOs await public markets as of Monday, according to CommScan Analytics.

The largest upcoming IPO in the pipeline is from KPMG Consulting, which is eyeing $2.5 billion in proceeds. It’ll probably kick off in the fall.

Another closely watched deal is Transmeta, which filed to go public last week. See full story.

As the glamour of Internet IPOs has faded, investors have turned their attention to the telecom category. Equipment maker Nuance Communications (NUAN) has turned in the best aftermarket performance of the year with a gain of 789 percent since its first-day close on April 13.

Last week’s strongest first-day performance was also from a telecom player. WJ Communications (WJCI) gained 102 percent on Friday.

O2 Micro

O2 Micro (OIIM) plans to debut 4 million shares at a price range of $7 to $9 each in a bid to raise $32 million with lead underwriter Robertson Stephens.

ServiceWare

ServiceWare (SVCW) is eyeing proceeds of $36 million by selling 4.5 million shares at a range of $7 to $8 per share with lead underwriter CE Unterberg Towbin.

The Oakmont, Pa.-based company sells software and services to help businesses provide an e-service platform to their customers, partners, suppliers and employees.

Last week, the company decreased its price range from $8 to $9 per share and removed SG Cowen Securities Corp, Wit SoundView and Bear Stearns from its underwriter roster.

Fort Point withdraws

San Francisco-based Fort Point Partners has retreated from the IPO market. The Internet consultant withdrew its $69 million IPO with underwriters CS First Boston and Deutsche Banc Alex. Brown. The company filed the deal on May 3.

Brigade gets funding

San Francisco-based Brigade said it has received $35 million in venture capital from General Atlantic Partners.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.